Annual report 2017

New acquisition and consistent customer segmentation

Duni’s growth rate largely follows the market and is in line with the previous year, approximately 1%. Net sales increased to SEK 4,441 m (4,271). The operating margin target was exceeded and reached 11.1%.

Earnings per share amounted to SEK 6.99 (7.06). The Board of Directors proposes a dividend of SEK 5.00 (5.00) per share.


Positive relationship building…

Creating an atmosphere where people feel good, are satisfied, and grow as individuals is a crucial element to creating an engaging and positive corporate culture. This, in turn, is crucial to ensuring the organization acts as a unit, works efficiently, and achieves the shared goals. When people feel a sense of satisfaction in their work, it creates an energy that spreads, not just internally but also to customers, suppliers, and in all other relationships necessary for success. The HR program at Duni is called Dunited. It not only includes skills and talent development, but also serves as a vision for creating a company that is engaging, motivating, and unifying.


… creates a strong foundation for the future

2017 saw a number of changes in several different divisions within Duni, all with the aim of strengthening the cooperation between employees and shifting responsibility outward in the organization. The Duni Academy program brought employee skill development into focus. Customer segmentation was conducted in all business areas to enable us to deliver clearer customer offerings. Great focus was placed on our work to incorporate the newly-acquired Sharp Serviettes in New Zealand. The acquisition was intended to further develop the structure in Asia and Oceania, and to create a greater presence in the area. The existing structure in Asia was reviewed at the same time. All initiatives were aimed at creating a strong foundation for the future, where good relationships permeate operations on all levels and contribute to Duni’s success.


Increased focus on customer needs

Duni has continued on its long-term journey of transitioning from a product-oriented company to a customer-focused company with a strong commitment to the environment. It is a strategy that has been successively implemented in our business areas, support functions and the various companies of the Group – work that was particularly intensive in 2017.

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4 441

Net sales increased to SEK 4,441 m (4,271)


Operating income was SEK 491 m (502)


The operating margin was 11.1 (11.8) percent

Key ratios, SEK M 1), 2)

2017 2016 2015 2014 2013
Net sales 4 441 4 271 4 200 3 870 3 349
Operating income*, SEK m 491 502 528 452 369
Operating EBITDA* 630 632 656 572 473
EBIT 456 463 493 433 352
EBITDA 629 622 622 556 483
Net income before tax 439 441 459 414 334
Net income for the year 334 334 346 302 254
Proposed dividend, SEK/Share 5.00 5.00 5.00 4.50 4.00
Equity 2 594 2 486 2 345 2 193 2 099
Return on equity, % 12.9 13.4 14.8 13.8 12.1
Return on capital employed, % 14.4 15.8 18.6 15.4 13.3
Number of employees 2 362 2 279 2 082 2 092 1 902


* Operating income and operating EBITDA are alternative key ratios that Duni uses to guide its operations. It relates to EBIT less amortization of intangible assets identified at acquisition, restructuring costs and fair value allocations.
1) Relates to continuing operations for 2015 and back in time. The discontinued hygiene products business has been recalculated and, in accordance with IFRS, is reported on a line after the net income for the period for continuing operations.
2) Key ratios for 2016 and onwards include non-controlling interests.

Net sales and operating income, SEK m
Net sales per business area
Net sales per geographic region


Good relationships are crucial to ensuring an organization and its employees are able to work together efficiently and achieve our mutual goals. At Duni, building solid relationships is part of a business-driven and business-minded approach. It should permeate operations internally between employees, globally between Duni’s various companies and units, and in the cooperation between suppliers and customers. Good relationships are part of our culture and make the Company stronger and more credible in its contact with the outside world.

Read more about our Good Relationships